Successor Beneficiary

A Successor Beneficiary is the individual named by the
Deceased Account Owner’s Original Beneficiary

A Successor Beneficiary is the individual named by the Deceased Account Owner’s Original Beneficiary who is entitled to any remaining IRA balance after the death of the Original Beneficiary. In essence, a Successor Beneficiary is the beneficiary of the Original Beneficiary. Naming a Successor Beneficiary allows for the seamless transition of the IRA assets after the Original Beneficiary’s death.

The required minimum distributions (RMDs) that must be paid to a Successor Beneficiary are based upon who is the Original Beneficiary and the RMD rule that applied to the Original Beneficiary prior to their death. Click Next for the RMD rules that apply to Successor Beneficiaries.

This information is not intended as tax or legal advice and is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Please encourage your clienst to consult with their attorney or accountant prior to acting upon any of the information contained herein.

National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT, Life Insurance Company of the Southwest, Addison, TX, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. This document may not be copied, transmitted, or otherwise disseminated in any way without the express written permission of National Life Group. The companies of National Life Group® and their representatives do not offer tax or legal advice. Please encourage your clients to consult with their appropriate professional advisor.

Guarantees are dependent upon the claims-paying ability of the issuing company.

TC8652397(0126)1 | Cat No 108306(0126)